MN SF1791

Establishes the Minnesota Regenerative Medicine Research Institute (MRMRI) as a nonprofit collaborative research initiative involving the Department of Employment and Economic Development, University of Minnesota, Department of Human Services, and private industry partners.

Creates an 11-member governing board with representation from state commissioners, legislators, trade associations, and public members to organize and operate MRMRI as a not-for-profit corporation.

Authorizes MRMRI to provide grants, loans, or loan guarantees covering up to 30 percent of regenerative medicine research project costs, with nonstate sources required to fund at least 70 percent of project costs.

Appropriates $8,000,000 for fiscal year 2015 and $9,000,000 for fiscal year 2016 to the commissioner of employment and economic development, with up to 0.5 percent available for administrative expenses.

Repeals Minnesota Statutes 2012, section 290.0672 (long-term care insurance tax credit) effective for taxable years beginning after December 31, 2013.